Offshore News Digest for Week of September 30, 2002

G-7 BACKS AWAY FROM EU TAX PLAN

Swiss banks welcome U.S. opposition to EU tax plan.

US opposes plan to share savings data with EU.

CONGRESSIONAL LOG JAM MAY SINK ANTI-OFFSHORE BILLS

WASHINGTON: With only 2 weeks remaining before election year adjournment, anti-tax haven bills may die in the last minute rush.

But Capitol Hill sources say the US Senate this week may consider a bill (H.R. 5063) that hurts the tax treatment of US expatriates.

BAHAMAS GOVERNMENT TALKS A GOOD GAME

NASSAU: New government keeps talking about consulting the offshore business sector, but when will they actually do anything to reverse the slide?

PANAMA PLEADS FOR RETURN OF AMERICANS

PANAMA CITY: Many miss the gringos and their millions.

DOMINICA BOOSTS ECONOMIC CITIZENSHIP FEES

ROSEAU: One of only two nations selling fast track economic citizenship raises its investment fees from $35,000 to $150,000 +.

ST. KITTS-NEVIS, the only other nation selling ECs, now is a much better bargain, says Henley & Partner of Zurich.

FREE GIBRALTAR GETS EXTENDED LEASE ON LIFE

UK Labour plans for a deal with Spain on The Rock's future delayed; Gibraltar government Nov. 7 referendum will go ahead.

ISLE OF MAN GOES HOLLYWOOD

DOUGLAS, IoM: Tax haven 'goes Hollywood' + investments.

HONG KONG REAL ESTATE COLLAPSE CONFIRMED

Deflation continues to rock slumping economy.

BRUNEI A COMING TAX HAVEN?

Bandar Seri Begawan, Brunei: Oil rich sultanate seeks status as an offshore financial center to augment oil as major income source.

BRUNEI? Who/where?

WEEP FOR THE POOR OLD I.R.S.

The Washington Post gets out the crying towel for the supposedly beleaguered bureaucrats at the Internal Revenue Service.

US SUES “TAX CONSULTANT”

TAMPA: Florida man sued by the US DoJ for promoting tax evasion.

IRS CHANGES "S" CORP VALUATION RULE

Reversal hits taxpayers with huge tax liability.

PROTECT YOUR ASSETS: GO OFFSHORE

George Will explains how Americans are getting sued to death.

MAJOR NATIONS HELP WORLD DEBTORS DODGE PAYMENT

New “sovereign bankruptcy” plan bails out stupid bank loans.

BRITISH LABOUR EDGES TOWARD EURO REFERENDUM

LONDON: Blair eyes a national vote on dumping the pound sterling.

EUROPEAN STOCK EXCHANGE REFORMS

BRUSSELS: EU financial markets get a needed dose of freedom.

COORS HONCHO FALLS FOR HIGH YIELD STORY

Joe Coors believed now indicted con man's promise of 75% weekly returns; $40 million invested in bogus bond trading scheme. Note: Do not invest in so-called “high yield” programs. We have yet to have heard of one that did not end up yielding -100%.

ADVICE FOR OFFSHORE EXPATS

Getting your credit ratings in good order.

The best way to get your mail from back home in the USA.

WHY AND HOW THE RICH USE TAX HAVENS

The Guardian offers an interesting catalogue of offshore possibilities.

U.K. HAVENS “HERE TO STAY”?

British Labour denounces tax havens, but uses them secretly.

SWISS PRESIDENT STAYS ON TO COUNTER E.U. THREATS

BERN: Pres. Kaspar Villiger delays retirement due to European Union pressure to compromise country's bank secrecy laws.

EU threatens boycotts against Switzerland.

ISLE OF MANN GDP SOARS FOR 18TH YEAR

DOUGLAS: Isle's GDP up 8.78% (5.3% after inflation).

The status of trusts on JERSEY.

WHAT'S REALLY HAPPENING IN THE BAHAMAS

NASSAU: A candid look at the slipping offshore financial sector.

Bahamas Supreme Court ruling reinforces banking secrecy.

BRITISH VIRGIN ISLANDS FINANCE HEAD HITS O.E.C.D. BIAS

ROAD TOWN, BVI: Clean your own house, he says.

E.U. COURT PREEMPTS NATIONAL TAX LAWS

BRUSSELS: Two rulings undermine member state tax laws.

SURPRISE, SURPRISE: USA PATRIOT ACT DRIVES HEDGES OFFSHORE

WASHINGTON: Hedge funds are moving offshore to escape rules.

DUBIOUS DIRTY CASH FIRSTS FOR 2 U.S. BANKS

US Treasury's Financial Crimes Enforcement Network (FinCEN):

  (1) Imposes first bank fine for failure to file a suspicious activity report: Story
  (2) imposes first fine on a bank under USA Patriot Act: Story

G-7 BACKS F.A.T.F. ASSET FREEZE PLANS

Anti-terrorism justifies just about anything these days.

INSIDE LATIN MONEY LAUNDERING

An extensive look at peso black market money laundering.

POLITICIANS ARE AUTOMATIC SUSPECTS

Poetic Justice: New anti-money laundering software targets 280,000 named people.

SWISS RE-FREEZE ABACHA FUNDS

Settlement aborted, Nigerian dictators millions again frozen by Swiss.

KOREA CLAIMS US$6.6 BILLION IN ILLEGAL FOREX

SEOUL: Over 2,000 cases of alleged offshore cash transactions.

NEW RUSSIAN ANTI-MONEY LAUNDERING LAWS

MOSCOW: A concerted effort to get off the FATF blacklist.

E.U. BACKS DOWN ON WORLD CRIMINAL COURT

BRUSSELS: US government officials and military exempted.

ARE YOU ON THE GOVERNMENT'S SECRET NO-FLY LIST?

Unknown bureaucrats compile secret list of excluded air travelers.

RUSHED FLYERS SURRENDER PRIVACY

75% of those polled say they would submit to fingerprinting, eye scans and facial recognition scans to speed up airport processing.

FELLOWSHIP OF THE CLUELESS

ABC Poll: Only 1 in 5 thinks massive curbs on liberties affect them.

MAJOR CORPORATIONS HIT BY OFFSHORE CONTRACT BAN

WASHINGTON: US Congress curbs on government contracts with ex-US firms that re-incorporate offshore may cost four of them $2.7 billion +.

HIGH TAX POLICIES DRIVE CAPITAL OFFSHORE

The Trend Toward Totalitarian Government - provocative exposition that highlights how far along the road to serfdom we actually are. Check out the latest proposals from the world government pontificators.

OFFSHORE PROFESSIONALS ATTACK O.E.C.D. STAND

LONDON: 8500 member Society of Trust & Estates Practitioners (STEP) challenge OECD claims against offshore tax havens.

Summary of US official opposition to the EU savings tax directive.

E.U. BULLIES CONTINUE TO THREATEN SWITZERLAND

ZURICH: More EU sanction threats over bank secrecy anger Swiss.

LIECHTENSTEIN-U.S. MLAT OPPOSED

VADUZ: Some Liechtenstein leaders object to possible privacy violations.

COSTA RICA PLANS BIG TAX INCREASES

SAN JOSE: Domestic and offshore businesses will be hard hit.

PANAMA U.S TAX TREATY?

If negotiations between Panama and Washington defy insider prognosticators and produce a result, here is what a tax information exchange treaty might look like.

Big ships pinch Panama Canal revenues.

MOVING OFFSHORE WITH CHILDREN?

How to help “mini-expats” make the transition when your family moves.

NANNY U.S. CONGRESS RESTRICTS YOUR CREDIT CARDS

WASHINGTON: The House votes to ban use of your credit card for Net gambling. What next, prohibition of cards for booze, cigarettes?

U.S. WEAKENS OFFSHORE INVESTOR PROTECTION

Law change cuts protection against foreign expropriation.

DOLLARIZATION IN LATIN AMERICA

SAN SALVADOR: El Salvador learns to love the greenback.

SOUTH AFRICAN INVESTORS PLEASED

JOHANNESBURG: Survey claims foreign investors satisfied.

IRS EMPLOYEE IMPRISONED FOR IDENTITY THEFT

Who can you trust? Not the IRS!

BRITISH BANKS FALL PREY TO SWINDLERS

LONDON: The Nigerian fraud rolls on.

GOVERNMENT WEALTH CONFISCATION

It is what governments do and always have done, say Thomas Sowell.

U.S. REJECTS ANY WORLD CRIMINAL COURT JURISDICTION

Government says it will not submit any Americans to new court.

COMPUTER PRIVACY & SECURITY

Check out "Dewie the e-Turtle." He works for the government.

CATO WEB SITE WINS HIGH PRIZE

We often use LINKS to the Cato Institute web site; here's why.